Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Note 21. Subsequent Events

On January 31, 2017, Uniti Towers completed the previously announced acquisition of NMS.  NMS owns and operates wireless communications towers in Latin America with an additional build-to-suit tower sites under development. The NMS portfolio spans across Mexico, Nicaragua, and Colombia. The consideration for the wireless towers currently in operation was $62.6 million, which was funded through cash on hand. Under the terms of the purchase agreement, Uniti Towers will acquire the rights to towers under development when construction is completed. With the addition of NMS, the Uniti Towers portfolio now consists of 468 wireless communication towers.

On February 9, 2017, we completed a repricing of our Term Loan Facility. The repricing decreases the interest rate by 50 basis points to LIBOR plus 3.00% per annum with a minimum LIBOR rate of 1.0%.  Our interest rate swap agreements are unaffected by this repricing and effectively fix the interest rate on our Term Loan Facility at 5.1%.

On February 23, 2017, we announced a definitive agreement to acquire Hunt Telecommunications, LLC (“Hunt”) for initial consideration of $114.5 million in cash and approximately two million operating partnership units. Hunt is a leading provider of data transport to K-12 schools and government agencies with a dense fiber network in Louisiana.  We intend to fund the cash portion of the transaction through cash on hand and borrowings under our revolving credit facility. The transactions is expected to close during the third quarter of 2017 and is subject to regulatory approvals and other customary terms and conditions.